21 Jul, 2025
Summary Income Tax Bill 2025 Select Committee Summary offers clause‑wise clarity from Lok Sabha’s July 21, 2025 report: updated definitions, relief for taxpayers, streamlined processes and legal fixes. Learn what’s changing and how Efiletax can help you prepare and comply. Introduction Income Tax Bill 2025 Select Committee Summary clarifies major clause‑wise changes from the July 21, 2025 Lok Sabha report. This […]
Read More21 Jul, 2025
Capital gains tax exemption under Section 54 was recently upheld in a unique case where a woman bought a flat from her own husband. The Mumbai Income Tax Appellate Tribunal (ITAT) ruled in her favour, clarifying that ownership from a spouse does not bar Section 54 relief, provided other conditions are met. This ruling offers […]
Read More21 Jul, 2025
TDS Refund Process May Soon Get Simpler for Low-Income Taxpayers If your income is below the tax limit but TDS still gets deducted—relief is on the way. The Central Board of Direct Taxes (CBDT) is working on a streamlined refund system aimed at reducing delays for those not liable to pay tax but facing deductions. […]
Read More21 Jul, 2025
Penalty for E-Way Bill Error Quashed: What GST Taxpayers Must Know In a major relief to taxpayers, the Allahabad High Court recently quashed a GST penalty imposed for a minor technical error in the E-Way Bill. This judgment offers a clear message: penalties under GST cannot be levied mechanically for procedural lapses if the intention […]
Read More21 Jul, 2025
Patiala Division Leads GST Growth in Punjab Patiala division has recorded the highest Goods and Services Tax (GST) growth rate in Punjab for FY 2024–25, with an impressive 23% increase in GST collections. This trend, officially released by the Punjab Excise and Taxation Department, signals not only improved compliance but also a stronger regional business […]
Read More21 Jul, 2025
Summary The Select Committee’s report on the Income-Tax Bill, 2025 outlines proposed reforms in taxation of digital assets, reassessment timelines, and small business reliefs. Here’s a simplified breakdown for Indian taxpayers. Income-Tax Bill 2025: Key Takeaways from the Select Committee Report The Income-Tax Bill, 2025 is one of the most anticipated tax reforms of the […]
Read More21 Jul, 2025
ITR-2 Online e-Filing: Enabled but Still Glitchy in FY 2024–25 The ITR-2 online e-filing portal is now active for AY 2025–26. While this comes as a relief for salaried individuals with capital gains, many tax professionals are reporting persistent bugs in the Income Tax portal. From section mismatches to prefill errors, here’s what you need […]
Read More21 Jul, 2025
ITC Blocked Under Rule 86A? Madras HC Offers Hope If You File Appeal If your GST Input Tax Credit (ITC) has been blocked under Rule 86A of the CGST Rules, there’s good news. In a recent judgment, the Madras High Court ruled that if a taxpayer files an appeal under Section 107 by paying 10% […]
Read More21 Jul, 2025
GST Limitation Extension: What You Must Know Under GST, extension of limitation period isn’t automatic. It requires strict conditions—mainly that a force majeure event like a natural disaster or pandemic made timely compliance impossible. This rule, introduced during COVID-19 via amendments to CGST Act and government notifications, continues to be cited in legal battles—most recently […]
Read More21 Jul, 2025
Fake ITC Penalty under Section 122(1A): What Delhi High Court Just Ruled The focus keyphrase Penalty for fake ITC took centre stage in a recent Delhi High Court judgment, where the Court dismissed a writ petition filed against GST penalties under Section 122(1A) of the CGST Act. The petitioner was linked to fake firms that […]
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